»PHOTOS: Local, historic octagon-shaped house on market for first time in 35 years
Lampert is the largest shareholder in Sears Hometown and Outlet stores but wants full ownership of the Illinois-based company that was sold off in 2012.
Lampert offered to pay $2.25 per share in cash, a 23.6 percent premium to the average price for the five trading days leading up to April 5, Lampert said in the letter.
“We believe our proposal, which will provide certain value and liquidity at a considerable premium to the market price, presents a superior outcome for the Company’s stockholders as compared to the uncertain outcomes facing the Company if it continues on its current path as a stand-alone company,” Lampert said.
»BIZ BEAT: Owner of Kay Jewelers, Jared plans more than 150 closures
ESL’s bid could only proceed if the full board of directors and the company approves it.
A committee for Sears Hometown and Outlet Stores “concluded that a transaction on the terms contemplated by the Proposal would not be in the best interests of the Company’s unaffiliated stockholders,” said an announcement Monday from Sears Hometown and Outlet Stores, Inc.
But the groups involved are continuing discussions, the statement said.
There are Sears Outlet stores at the Kettering Towne Center and North Heights Plaza in Huber Heights.
FIVE FAST READS
• Prominent Oakwood boutique set to close
• $3 a gallon gas could be on the horizon sooner than you think
• Dayton Mall launches new family-friendly entertainment option
• Ohio Senate panel OKs 6-cent hike in gas tax
• DSW rebranding under a new company name
About the Author